A fall in the number of new houses being constructed across the UK contributed to losses widening at a London-listed manufacturer.
Titon Holdings, which makes and supplies ventilation systems as well as window and door hardware, has posted pre-tax losses of £713,000 for the six months to March 31, 2024.
The figure comes after the company also made losses of £449,000 during the same period in its prior financial year.
Titon Holdings has also reported a revenue of £9.1m for the six months, down from £12m.
During its last full financial year, the business made a revenue of £22.3m and pre-tax losses of £839,000.
Dividends paused to let business ‘focus’
Chief executive Tom Carpenter said: “The trading performance of the group over the six-month period to 31 March 2024 has been impacted by the contraction in the new build residential market.
“Nevertheless, during this period we have seen an increase in project wins within our higher margin ventilation systems business and growth in our order book.
“The results of our last six months notwithstanding, I am delighted and excited to join Titon.
“While there is further work to do to make Titon the success we all want, I do believe that the recent investment in robust processes and a revitalised and committed management team will be beneficial for the group and shareholders.
“We have maintained our cash levels through focused cost and working capital management and continue to enjoy a strong balance sheet with no debt.
“That said, we have made the decision to pause paying dividends, while we allow the business to focus its resources on our strategic imperatives in order to return the group to growth.
“Looking to my immediate goals for the business, I am currently developing a revised strategy with the senior leadership team and board which will prioritise making Titon a more outwardly facing business, revising our go-to-market methodologies to return window and door hardware to growth, further building on the progress made in our ventilation systems business, increasing margins and improving the customer experience.”